Anchor Land to pay P214M for Binondo lots

The Philippine Stock Exchange has lifted the trading suspension on high-rise condominium developer Anchor Land Holdings Inc. shares on Friday, after the firm provided more details on its acquisition of another real estate company which owns five parcels of land in Binondo, Manila. Anchor Land provided the PSE with a copy of its memorandum of agreement with Gotamco Investment Realty Corp., which states that Anchor Land will pay P214.232 million for 100 percent of GIRC. The purchase price also covers five parcels of land in Binondo with an aggregate area of 3,065.70 square meters. "Anchor Land's main market is the China Town area... The opportunity to develop another project in this area is very promising," Anchor Land said. The property firm said proceeds from its maiden offering will be used to finance the acquisition. - GMANews.TV